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I was wondering if anyone has rented a room to college a student before. what were your experiences. I'm thinking about it (not sure if the wife would like it but maybe I can convince her).
I live rural about 50 km's from town but I don't think that's to far as I at times lived that far when I went to College.
It can be a bonus or a complete disaster. I PM'ed you.
Exactly. Been there , done that. :)
If you decide to do it ,CHECK OFTEN. Make sure you know all the rules involved like : How much notice do you need to give to have them vacate your property? What if they won't leave? Read the landlord /tenant act for your area carefully.
Having to "convince" your wife, is not good for a start? You're talking about bringing a stranger into your home that can bring all sorts of tension to your existing family. So many variables to consider? Age, their family support, male/female, ethnicity, are just a few things that come to my mind? What is your end goal in doing this? Is the money you get, worth the hassle? Your family and personal privacy just went out the window if you bring a total stranger into the mix.
Well make sure to video tape it when you try to convince the wife to let the 22 year old college girl rent a room lolol
could make the same amount as rent posting it on youtube
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Originally Posted by Sharon
^^^^^^ What they said. ^^^^^^^ I've been a landlord,before. No.....just no.Quote:
Originally Posted by Bushmoose
I was going to comment on that aspect also. LOL GW does have a teenage son and it would be hilarious to see them both trying to out-do the other. It would make a terrific video!Quote:
Originally Posted by Ata83
This is starting to sound like a Netflix reality series. :)
Better Netflix than Jerry Springer and Judge Judy.Quote:
Originally Posted by Birdbuff
I thought the rules were different if your just renting out a room, like in the basement.
But I haven't looked yet.
I was thinking, maybe she would be interested if I told her we could make an extra 400 or 500 a month which I could use towards her next car. I mean like my older son has rented a room when he lived in Toronto, so some landlords must get some good people. I live rural so I was thinking it would be someone who likes the country and obviously they would have to own a car. I rented rooms in houses in College.Quote:
Originally Posted by Sharon
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Originally Posted by Bushmoose
Actually I have teased her about that before years ago, maybe that wasn't a good idea. :(
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Originally Posted by Ata83
Why a student.
I believe rules are the same.
One difference is -i believe, that the term is fixed.
So-You may rough out the tough times.
Only way to know ,if this is worthwhile-to try it.
No pain-no gain.
One can get lucky-or have bad luck.
Fixed period of time, generally Sept - May
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Originally Posted by glen
I have rented out my basement on and off for about 20 years, over that time I have had good tennants and bad ones. Expect additional costs over and above normal wear and tear ( ie damage repairs, replacing appliances etc), and factor it in to your budget as part of the cost of running a business.
Overall, the net income provided by renting out part of my home has allowed my to purchase a larger house and the increased equity has accrued to me. So, to put that into context using a simplified example, lets say I can afford a $500,000 home without any additional rent income, but with rent income the bank will increase my mortgage availability room to allow me to purchase a $1,000,000 home. As each year passes the housing market increases, lets just say 5% each for the purposes of this example. As such, a $500,000 will increase $25,000 in the first year whereas a $1,000,000 will increase $50,000. That increase in equity accrues to me until I sell it, thats the time when my efforts pay off and I can buy two houses and rent one out entirely (capital gains issues beyond the scope of this comment).
I think before renting out a room I would put a shower in down stairs, repaint the interior of the house.
The biggest issue might be convincing the wife. I think the jokes I made over the years may hamper this.
But it's possible our youngest will probably leave in 5 years or less.
Will the renter be using your fridge and your bathroom? I found that to be a big problem. Where I live you must have an exit door from the basement outside in case of fire upstairs. You might want to look into that.
GW is a good man…if he ends up with a video of that I just know he will share itQuote:
Originally Posted by Ata83
There is a bathroom in my basement installing a shower would cost me less than 2000.00, a small fridge would not cost much.
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Originally Posted by Sharon
Most definitely :), Probably better to stick to the financial instead of making jokes thought. Pretty sure if I made Jokes about renting out to a cute female that would be the end of the idea right there.
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Originally Posted by 73hunter
OK just looked at the price of showers and their minimum 1000.00, so I would probably take the upstairs shower and put it down stairs which means I will have to do two bathrooms. So the cost would be closer to 4500.00
I did our bathroom last winter and it was about 2600 for the material. That was with some sales and some tile from the restore. Got lucky with that tile as it came down to the very last piece lol.Quote:
Originally Posted by greatwhite
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